Sony PlayStation 4 [Video]

Sony unveiled some details about their coming PlayStation 4 such as a whopping 8GB of GDDR5 RAM, a switch to an x86 processor architecture instead of their PowerPC Cell architecture (basically it's like your computer now), this interesting new controller which does too much (just how I like it), a new PlayStation Eye camera, the ability to stream PS1, 2 and 3 games from a cloud service (their excuse for no backwards compatibility), the ability to play a game before you download it and the ability to share live video of any game you're playing and some advanced new remote play stuff. Still no mention of cost or release date though, nor have they shown much of the system software.
(Source: PlayStation Europe Blog)